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Suppose average movie attendance is 250 million tickets when prices are $7 a ticket and 200 million when prices are $9 a ticket. Other things being equal, the data imply that the elasticity of demand for movie tickets is: A. elastic, so the increase in price caused total revenue to rise. B. elastic, so the increase in price caused total revenue to fall. C. inelastic, so the increase in price caused total revenue to rise. D. inelastic, so the increase in price caused total revenue to fall.
Suppose that the rate of depreciation as well as the rate of saving are each .10. Also assume that there is no technological nor population growth.
The average 15-year old purchases 12 CDs and 15 cheese pizzas in the typical year. If cheese pizzas are inferior goods, would the average 15-year old be indifferent between receiving the $30 gift certificate at local music store and $30 in cash?
Give a numerical example to show that monopolist's marginal revenue can be upward-sloping over part of its range. Hint: The price on the demand curve is the producer's average revenue.
Discuss how is it possible to change society, for Marx, through using relationship between economy on the one hand and the political environment on the other.
Long-run supply curve in a constant-cost industry is linear and shut down because it will no longer be earning a normal pro?t.
With an unprofitable rural hospital that was offered a contract at a lower price, what are major economic concepts that are important in making the right decision?
What is the magnitude of J.R.'s consumer surplus at the equilibrium price and how high must the price of ribs be for Judy to supply 20 ribs to the market?
Yearly demand and supply for the Entronics corporation is given by: Qd= 5,000 +0.5I+0.2A-100P and Qs=-5000=100P where Q is the quantity per year,
.Most people are consumers, making demand decisions in product markets, and also workers, making supply decisions in resource markets. How do workers choose how much of their labor service they are willing to sell Is the quantity supplied likely t..
A two-year-old child is eating raisins one at a time from a large box. Even though the child doesn't understand formal economic theory, he knows when to stop eating because he is full. Describe how this child has already mastered marginal analysis..
Assume total benefits and total costs are given through B(Y) = 100Y-8Y(squared) and C(Y)=10Y(squared). Determine the maximum level of net benefits?
What is an instrumental variable and Angrist and Krueger use quarter of birth as an instrument for education and explain why quarter of birth may affect education
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